There also is a hefty exit fee — departing schools must pay the league a “commitment buyout fee,” which is an amount equal to the sum of distributions that otherwise would be paid to the school during the final two years of its membership.
It’s unclear whether both schools are aware of the repercussions, and they both declined comment beyond statements issued on Wednesday.
OU and Texas also signed a Big 12 grant-of-rights agreement, in which they granted their first- and second-tier media rights for football and men’s basketball to the conference through June 30, 2025.
During Thursday’s meeting, conference officials also scratched the surface on discussions of what the Big 12 might do if OU and Texas left, and one source said that included looking into whether there were other Power 5 programs that might want to join, or if schools such as UCF, Houston, Cincinnati or BYU might make good additions.